ECR Pharmaceuticals Announces Re-launch of Zolpimist® and DexPak®,
Divestiture of Hylase® and Orbivan® Brands, and Dr. Cameron Durrant Named
President and CEO
AMITYVILLE, N.Y. -- April 30, 2013
Hi-Tech Pharmacal Co., Inc. (NASDAQ: HITK) today announced that its ECR
Pharmaceuticals division re-launched Zolpimist® Oral Spray (zolpidem tartrate)
and DexPak® Taperpaks (dexamethasone tablets) through its proprietary sales
force at a series of launch meetings commencing this week.
Additionally, ECR has divested its interest in non-core products Hylase® and
Orbivan®. Hylase was divested for a one-time payment in January, and Orbivan®
was divested in March for $500,000 over two payments and an ongoing royalty
Cameron Durrant, MD, MBA, recently named President and CEO of ECR
Pharmaceuticals, commented: “I am thrilled to be a part of ECR, having spent
several months consulting with the organization. ECR is executing against a
clear strategy, part of which includes divesting or partnering non-core
assets, while rigorously focusing on key assets, such as Bupap®, Tussicaps®,
Zolpimist® and Dexpak® and ensuring these brands are fully optimized in the
large markets in which they compete. We will continue to explore opportunities
to grow and build capability in the markets in which we compete and divest or
partner non-core assets,” he continued.
Prior to being named to this position, Dr. Durrant served as chairman and
director on the boards of numerous companies, and operated as CEO/interim CEO
or Executive Chairman for two venture-backed private and two public companies.
He has held sales, marketing, strategy, business development, planning and
operations roles with Merck and Co. in the United Kingdom, GlaxoSmithKline in
the United Kingdom and globally, Pharmacia Corporation for the United States
and globally and Johnson and Johnson globally. He has launched or held
commercial responsibility for 7 brands which achieved blockbuster status and
launched 20 brands, many of them category leaders.
Dr. Durrant earned his M.D. from the Welsh National School of Medicine,
Cardiff, UK, his DRCOG from the Royal College of Obstetricians and
Gynecologists, London, UK, his MRCGP from the Royal College of General
Practitioners, London, UK, and his DipCH from the Melbourne Academy, Australia
and his MBA from Henley Management College, Oxford, UK.
Mr. Reuben Seltzer, Vice Chairman of Hi-Tech stated, "Dr. Durrant has an
enviable track record of success both in large pharmaceutical companies and
entrepreneurial specialty pharmaceutical areas. We are delighted to have him
on board with us and look forward to continuing to grow ECR Pharmaceuticals as
a leading branded specialty pharmaceutical company.”
Hi-Tech is a specialty pharmaceutical company developing, manufacturing and
marketing generic and branded prescription and OTC products. The Company
specializes in difficult to manufacture liquid and semi-solid dosage forms and
produces a range of sterile ophthalmic, otic and inhalation products. The
Company’s Health Care Products Division is a leading developer and marketer of
OTC products for the diabetes marketplace. Hi-Tech’s ECR Pharmaceuticals
subsidiary markets branded prescription products.
This press release contains certain future projections and forward-looking
statements (statements which are not historical facts) with respect to the
anticipated future performance of Hi-Tech made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995. Such
future projections and forward-looking statements are not assurances, promises
or guarantees and investors are cautioned that all future projections and
forward-looking statements involve significant business, economic and
competitive risks and uncertainties, many of which are beyond Hi-Tech's
ability to control or estimate precisely, including, but not limited to, the
impact of competitive products and pricing, product demand and market
acceptance, new product development, the regulatory environment, including
without limitation, reliance on key strategic alliances, availability of raw
materials, fluctuations in operating results, loss of customers or employees,
the possibility that legal proceedings may be instituted against Hi-Tech and
other results and other risks detailed from time to time in Hi-Tech’s filings
with the Securities and Exchange Commission. The actual results will vary from
the projected results and such variations may be material. These statements
are based on management's current expectations and assumptions concerning the
future performance of Hi-Tech and are naturally subject to uncertainty and
changes in circumstances. No representations or warranties are made as to the
accuracy or completeness of any of the information contained herein,
including, but not limited to, any assumptions or projections contained herein
or forward-looking statements based thereon. We caution you not to place undue
reliance upon any such forward-looking statements which speak only as of the
date made, except to the extent specifically dated as of an earlier date.
Hi-Tech is under no obligation, and expressly disclaims any such obligation,
to update, alter or correct any inaccuracies herein, whether as a result of
new information, future events or otherwise.
Hi-Tech Pharmacal Co., Inc.
William Peters, 631-789-8228
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